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EPIC scores $65M loan for four Manhattan properties

EPIC, the investment vehicle of Steven and Michael Elghanayan, obtained a $65 million loan to refinance four of its lower Manhattan properties, according to documents filed with the city Tuesday. Two commercial condos in Soho at 73 Wooster and 388 West Broadway, and two commercial buildings at 17 West 14th Street and 40 Thompson Street, are financed in the loan from TD Bank. The shopping complex near Union Square at 17 West 14th Street is … [more]

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Caerus files for 95 resi units in Washington Heights

Leo Tsimmer’s Caerus Group is planning to build a nine-story, 95-unit building at the site of a former church in Washington Heights, according to a permit application filed with the city’s Department of Buildings Tuesday. The building at 206 Wadsworth Avenue would span 89,000 square feet, and would include 74,360 square feet of residential space and 14,644 square feet for community facility. The lower levels will hold parking, a house of worship and classrooms, the … [more]

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Ashford Hospitality offers $1.3B to acquire FelCor

Ashford Hospitality Trust is bidding $1.27 billion for FelCor Lodging Trust, which owns the Knickerbocker and Royalton hotels in New York. The Wall Street Journal first reported in early January that FelCor is exploring a sale. Texas-based Ashford already owns 4.5 percent of FelCor’s common shares, according to Reuters. The offering price is 28.2 percent above FelCor’s market value as of Friday. Ashford claims that a merger between the two REITs would create the second-largest … [more]

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Jeff Sutton raises $233M on Tel Aviv bond market

Jeff Sutton completed an institutional tender on the Tel Aviv Stock Exchange, raising $233 million at an interest rate of 3.9 percent. The retail mogul began with a $100 million bond offering, and then more than doubled that to $243 million after demand from investors reached almost $500 million. In the public tender, which is slated to occur in the next week, Sutton can raise an additional $30 million. The interest rate is the lowest … [more]

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Massey pledges no city business with campaign donors

Paul Massey says the city won’t do any business with donors to his campaign if he’s elected mayor. But given his deep connections to the industry and how entwined it is with city government, it might be a difficult pledge to keep. During his first press conference since announcing his candidacy for mayor, the Cushman & Wakefield executive stood outside City Hall Tuesday morning and railed against Democratic incumbent Mayor Bill de Blasio. Massey castigated … [more]

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Compass expands Fifth Avenue headquarters by 25K sf

Compass is expanding its global headquarters, signing a lease for an extra 25,000 square feet in Union Square. The deal will see the venture capital-backed residential brokerage taking an additional two floors at Aby Rosen’s 90 Fifth Avenue until the year 2025, the Commercial Observer reported. It brings the company’s total square footage at the building to 115,000 square feet across the third through 11th floors. The asking rent on the vacant floors was $86 … [more]

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Save the date: TRD’s NYC Real Estate Forum & Showcase

The Real Deal is heading back to Chelsea for our 10th annual New York City Real Estate Showcase and Forum! On May 15, the city’s industry professionals will flock to the Metropolitan Pavilion for a day of networking, learning and previewing the hottest new developments around town. Former New York governor and developer Eliot Spitzer (Spitzer Enterprises), Dolly Lenz (Dolly Lenz Real Estate) and Richard Steinberg (Douglas Elliman) are among the real estate heavyweights that will participate on three … [more]

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Community board rejects UES resi project as “grotesque”

Community Board 8 rejected A. Ruth & Sons’ plans to add two stories to a landmarked Upper East Side rental building, calling the proposed design “grotesque.” Local residents reviewed the owner’s application to add two stories and a glass railing to 50 East 96th Street, DNAinfo reported. The six-story building, known as “Woodward Hall,” was built in 1905 and is located in the Expanded Carnegie Hill Historic District. Along with some facade repairs, the owner … [more]

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Trust for Governors Island sues Turner Construction, subcontractor for $5M

The Trust for Governors Island is suing Turner Construction and its subcontractor for more than $5 million, alleging the construction firms made several critical errors when designing the island’s seawall and lift bridges. In a lawsuit filed in Manhattan Supreme Court last week, the trust accuses a Turner subcontractor Ocean Coastal Consultants Engineering of “professional malpractice.” The trust says the company made design errors on several bridges that connect its ferries to docks at the … [more]

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Contender for NJ gov. says he’ll fight Cuomo over bus terminal

The top Democratic contender for New Jersey governor has vowed to go toe-to-toe with New York’s Gov. Andrew Cuomo over funding for the new Port Authority Bus Terminal in Midtown. Phil Murphy, former U.S. ambassador to Germany turned gubernatorial candidate, said the $3.5 billion dedicated to the terminal in the bistate agency’s newly approved $32 billion capital plan isn’t enough for the project, Politico reported. “We have to fight tooth and nail to make sure … [more]

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